GOOGLE (GOOG) The Charts Saw It Coming

Pretty simple post here. I usually throw out a GOOG post with earnings. The weekly chart gave you the set up for the miss.  IMHO this is the best GOOG chart on the net (but then again it is the only one I have seen).

GOOG Weekly -

Morning Post 10/14/11, SPX, GOOG

Let's make this simple -

The G20 is meeting - Hi, It's Tim, I'm Stuck In Paris, And Need You To Send $500 | ZeroHedge

The earnings barrage starts Monday - U.S. Earnings: Company Earnings Calendar - Bloomberg

Who gives a shit about earnings when we all know they are manipulated anyway (as more proof comes to the top - think JPM) - The "Book-Cooking" Index Soars To All Time Highs | ZeroHedge

No worries - the financials are in great shape - Fitch: More Than Dozen Banks May Get Rate Cut - Bloomberg

Holder is in deep shit - Obama Talked About "Fast & Furious" Months Before Holder Claimed He Knew | RealClearPolitics

The conspiracy nuts may like this one - Is the New World Order unraveling?

Afternoon Delight 10/13/11, SPX, GOOG

Another rumor - another stick save. This is no longer amazing - it is annoying. It is annoying because of the gravity defying price action in the face of impending financial doom, the ability to generate a market ramping "rumor" (not fact - rumor)  whenever it is needed on a moment's notice is becoming so commonplace that they are now beyond humorous.

When the comments section of a blog like this can predict with an astounding degree of accuracy that "they" need a "bump" and it comes - you know something is f'd up. (Sorry to the board there - not discounting your brilliance - just trying to make a point that a gaggle of ex-financial, farmers, managers, lawyers, business owners, retirees, programmers and various other occupations - none related to or with Wall St. experience - can seemingly kick the experts collective ass at their own game.)

So, this afternoon we get another bump from Van Rompuy And Barroso Announce €440 Billion EFSF Fully Functional; Now, How Do They Expand It To €3 Trillion? | ZeroHedge. "The only problem, yesterday, today and tomorrow, is the open answer to the question of who will pay for this €2.5-3 trillion rescue net? Because we now know that China, which is busy bailing out its own banking system is out of the picture, while the US has its own major problems - the last thing the Fed needs is for the general populace to realize the Fed is once again directly bailing out failing European banks, like it did with Dexia." This post is required reading for everyone. Please click and read.

Tech Is Toppy - GOOG Is Almost There

One chart will tell the story, GOOG weekly. At the top trendline with and ending diagonal at the top of the BB in a strong resistance zone from $475 to $500. The indicators are extremely toppy with precious room left to run. Some are calling it a completed 5th wave and some a completed ABC. I don't care what they call it. The chart is there.

When GOOG pops the rest will follow. When the RSI crosses the trendline, look out. The table is set. The falling wedge is in place and it will play out. Will the E touch of the wedge make the bottom trendline or even have a throw under? Way too early to speculate on such things. Let's just get the market heading in its rightful direction first and we'll read it from there.

At one time back in April I went to call tops and pullbacks in all of the tech stocks. Since being horribly wrong then, I have remained quiet and patient. Could I be wrong again? Absofreakinglutely! The manipulated bullshit bit me in the ass once and it did not feel good. Do not want to go there again. I hope I am right this time. If not, don't blame me. Blame the manipulators.

GL trading.

Chart may be viewed better HERE.

Sniffing P3? CIT Goes Down, Mish Has A Topping Prediction And GOOG May Disapoint?

Wow, did not expect them to let CIT die (I may rant on that one later). GOOG may disappoint and Mish has another updated rally has ended or is ending post. Calc Risk has the most recent post on CIT and Prag Cap has a interesting post on another market collapse.

Mish - S&P 500 Rally Poised to End; Buy and Hold Still Bad Advice "Stock languishing for years is actually my "good scenario". My "bad scenario" is the bottom is not in. Thus I align myself with DeGraaf who says "the risk is to the downside”. At this juncture, I am quite comfortable holding similar views as DeGraaf."

Mish also gives and EWT update - well, not much of one - it is at the bottom of the last article. If you want a real EWT update go visit Kenny or Daneric.

UPDATE: Calc risk with -CIT: Government Support Unlikely with lots of updated CIT info and press release.

Zero Hedge reports in Game Over CIT "Finally one not too big to fail (not surprisingly, the one who services Main Street). How many billion in CDS was Goldman long CIT? Due to the lack of a 80% unionized workforce, Obama will not hold a press conference on how Steve Rattner will get the company out of chapter in 30-45 days."

Bloomberg Surveillance this am had a great interview about CIT this am if you care to listen. Orenbuch Says CIT Has 1% of Commercial Lending Market.

Ya think someone knew CIT was going down? The VIX was up today. TD comes to the rescue again in Stop Trading. "“That is remarkable,” Randy Frederick, head of trading and derivatives at Charles Schwab in Austin, Texas, said of the tandem move by the S&P 500 and VIX today. “The VIX is expecting something here, either a pull back this afternoon or tomorrow.”"
Yeah, they were expecting jobs or a CIT failure.

Prag Cap - ANOTHER MARKET CRASH IN THE OFFING?

So is GOOG gonna miss tomorrow? Try this earnings cheat sheet from TechCrunch - Cheat Sheet For GOOG’s Second Quarter Earnings Later This Week. "Mahaney is somewhat bearish compared to the consensus view, perhaps because of the continued economic difficulties and the deep funk the advertising industry is in. He expects revenues to increase only 2 percent on an annual basis, and to decline 3 percent on a quarterly basis. (Last quarter was the first time Google ever reported a sequential drop in revenues)."

The dollar broke down thru a triangle pattern today and TBT went nuts to the upside (and of course UNG tumbled). Ya think some market manipulation was occurring ahead of the CIT announcement?

Sounds like tomorrow will be an interesting day.

GL trading.